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Intesa Sanpaolo reported a record net income of over €2.6 billion in Q1 2025, with an annualized Return on Equity of 20%, supporting a forecast of over €9 billion for the year. The bank's strong performance is attributed to revenue growth, cost efficiency, and significant investments in digital transformation, including a €4.4 billion commitment and a growing client base for its digital bank, Isybank. Additionally, the bank has prioritized social impact, deploying over €0.7 billion to combat poverty and inequality since 2023.
In Q1 2025, U.S. bank branch closures surged, with 148 net closings compared to 21 in Q4 2024. U.S. Bancorp led with 50 closures, followed by Wells Fargo (23) and Citizens Financial (21). California saw the highest losses at 34 branches, while Florida and Georgia recorded net openings.
Bank Muamalat has launched an Islamic digital-only bank in Malaysia, marking a significant step in the country's financial landscape. This initiative aims to cater to the growing demand for Sharia-compliant banking solutions in the digital era. The move reflects the bank's commitment to innovation and customer-centric services.
Citigroup will eliminate approximately 3,500 tech positions at its Shanghai and Dalian centers as part of a global strategy to streamline operations and enhance risk management. This move follows significant regulatory penalties for data governance failures, with the bank investing over $7.4 billion in technology upgrades since 2021 despite ongoing job cuts. The restructuring reflects a shift towards consolidating technology while addressing compliance challenges.
Saudi Digital Bank D360, backed by the Public Investment Fund, is preparing for a Series A funding round in the second half of 2025, targeting global investors, particularly from Europe and the US. The bank aims to expand services for SMEs and individuals, having already raised approximately $500 million from existing shareholders. With over 1 million users, D360 plans to grow its account holders to 4 million and is positioned to support Saudi Arabia's Vision 2030 economic diversification goals.
Juma Thani Alhameli has been appointed as the Chief Operating Officer of the Dubai Financial Services Authority (DFSA), effective June 10. With over 20 years of experience in technology and financial services, he previously served as Group Chief Technology Officer at First Abu Dhabi Bank and held senior roles at Abu Dhabi Global Market. Alhameli expressed his commitment to advancing the DFSA's operational agenda and contributing to the growth of Dubai's financial sector.
United Arab Bank plans to raise Dh1.03 billion through a rights issue to enhance its capital base and support growth, increasing its issued capital from Dh2.06 billion to Dh3.09 billion. Existing shareholders can subscribe to new shares at Dh1 each from July 4 to July 17, 2025, with allocations finalized on July 24. This capital raise aims to improve the bank's Tier 1 capital ratio and facilitate credit expansion amid rising loan demand in the UAE.
Klarna has launched a pilot for a new debit card in the United States, partnering with Visa to offer consumers immediate payment options or interest-free installment plans for online and in-store purchases. This move aims to enhance competition with traditional banks. Additionally, Klarna has paused its plans for a US initial public offering for the second time amid market uncertainties influenced by tariffs.
Abu Dhabi Islamic Bank (ADIB) plans to recruit 400 Emiratis in Al Ain by the end of 2026, supporting the National Skills Development Strategy and the Nafis programme. This initiative aims to enhance local workforce participation in key sectors, with roles in Islamic retail banking, operations, compliance, and collections. ADIB recently hosted a two-day recruitment event in Al Ain, featuring on-the-spot interviews, and will offer training programmes to equip Emirati staff with essential banking skills.
Dubai Aerospace Enterprise (DAE) has secured a $300 million three-year unsecured term loan from the Bank of China, with proceeds aimed at supporting general corporate purposes and future financing needs. CEO Firoz Tarapore emphasized that the agreement enhances liquidity for operations and fleet strategy. The Bank of China's Dubai Branch highlighted the loan as part of its commitment to aviation clients and strengthening business ties between China and the UAE.
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